Combine first 3 ingredients in a large mixing bowl, beating well. Add eggs, one at a time, beating well after each addition. Stir in flavorings.
Combine flour and baking powder; add to creamed mixture, beating well. Gradually add milk, beating until smooth.
Pour batter into a greased and floured 13- x 9- x 2-inch baking pan. Bake at 350° for 35 minutes or until a wooden pick inserted in center comes out clean. Cool in pan 10 minutes; remove cake from pan, and allow to cool on wire racks.
Cut cake into small, assorted shapes. Spread top and sides of cakes with frosting. Any leftover frosting may be tinted with food coloring and piped onto cakes with pastry bag, if desired.